Southeast

Carroll Organization, Bluerock REIT Buy Apartment Community in Atlanta’s West Midtown for $74.5M

by John Nelson July 22, 2016

ATLANTA — A joint venture between Carroll Organization and Bluerock Residential Growth REIT (BRG) has purchased Tenside Apartments, a mixed-use apartment complex in Atlanta’s West Midtown district, for $74.5 million. Built in 2008, the Class A community features 336 residences averaging 900 square feet, nearly 40,000 square feet of ground-floor retail space and a seven-level parking garage. The joint venture financed its acquisition using a $52 million Fannie Mae loan and an equity investment totaling $22 million from BRG, which will have a 90 percent ownership stake in the project. Carroll Organization purchased its 10 percent stake in Tenside through its newest investment vehicle, Carroll Multifamily Real Estate Fund IV LP. Carroll’s management division, Carroll Management Group, will manage Tenside, which will be rebranded as Arium Westside. The asset is situated near Georgia Tech and Georgia State University, as well as major employers such as Turner Broadcasting, Coca-Cola and SunTrust Bank.

July 22, 2016

Florida Industrial Office Southeast

Skanska Tops Out $71.4M Research Center in Metro Orlando

by John Nelson July 22, 2016

KISSIMMEE, FLA. — Skanska has topped out the Florida Advanced Manufacturing Research Center (FAMRC), a 109,000-square-foot advanced research and development laboratory facility in Kissimmee, an Orlando suburb in Osceola County. The total contract value for the design and construction of FAMRC is $71.4 million, according to Skanska. Situated on 20 acres near the intersection of U.S. 192 and Florida’s Turnpike, the project will provide semiconductor research and manufacturing of advanced products for the healthcare, transportation, agriculture and consumer products industries. The new center will partner with the University of Central Florida and the International Consortium for Advanced Manufacturing Research (ICAMR), a consortium for advanced sensors, phototonics and optics. The design team for FAMRC includes HOK and Abbie Gregg Inc., a global consultant to the advanced high technology industry sector. The Osceola County Board of Commissioners is helping lead the development of FAMRC, which Skanska plans to deliver in March 2017.

July 22, 2016

Retail South Carolina Southeast

GBT Realty to Develop First BJ’s Wholesale Club in South Carolina

by John Nelson July 22, 2016

SUMMERVILLE, S.C. — GBT Realty Corp. has recently purchased a 10.5-acre site in Summerville for South Carolina’s first BJ’s Wholesale Club, a membership warehouse retailer that will also include a BJ’s Gas Station. The Brentwood, Tenn.-based developer purchased the site for nearly $1.9 million. The project will span 87,800 square feet and will be situated at the southeastern quadrant of I-26 and North Main Street (U.S. 17). GBT expects to deliver the Summerville BJ’s Wholesale Club in 2017. BJ’s operates more than 200 locations in 15 states.

July 22, 2016

North Carolina Office Southeast

Origin Investments Acquires Office Building in Raleigh for $23.5M

by John Nelson July 22, 2016

RALEIGH, N.C. — Chicago-based Origin Investments has purchased Trinity Place, a four-story, 114,547-square-foot office building located at 1201 Edwards Mill Road in west Raleigh. Origin Investments acquired the Class A building via the $150 million Origin’s Fund 3 from an unnamed institutional real estate fund for $23.5 million. Trinity Place was fully leased at the time of sale and has maintained an average occupancy of 97 percent since 2003. Ryan Clutter and Scott Humphrey of HFF brokered the transaction. Origin Investments has retained Ed Pulliam and Brad Corsmeier of CBRE to market Trinity Place and Foundry Commercial to manage the asset.

July 22, 2016

District of Columbia Hospitality Southeast

Thor Equities Buys 10-Story Hotel in Georgetown for $53.4M

by John Nelson July 21, 2016

WASHINGTON, D.C. — Thor Equities has purchased a 10-story, 125,000-square-foot building at 3000 M St. in Washington, D.C.’s Georgetown district for $53.5 million. The property is surrounded by restaurants and bars in close proximity to Georgetown University and the main commercial intersection of Wisconsin Avenue and M Street. Thor plans to convert the former Lantham Hotel into a boutique hotel with up to 100 rooms, an upscale restaurant, food and beverage options and 27,000 square feet of retail space on the ground, lower and second levels of the property.

July 21, 2016

Mixed-Use Southeast Virginia

Akridge Sells Westfields Development Sites to Elm Street, Northwood Ravin

by John Nelson July 21, 2016

CHANTILLY, VA. — Akridge has sold The Preserve at Westfields in Chantilly to Elm Street Development and Northwood Ravin. Prior to the sale, Akridge had the site rezoned from 1.2 million square feet of office to mixed-use within Westfields. Westfields is located just south of Dulles International Airport off of Route 28 in Fairfax County. The development includes 155 townhomes, up to 650 multifamily units and up to 15,000 square feet of retail space. Situated next to the planned Wegmans retail development, the project will also include an amphitheater, pavilion, nature trail and lake. Elm Street will develop the townhome component, and Northwood Ravin will develop the multifamily and retail components. John Sheridan and Nathan Barth of CBRE represented Akridge in the sale of The Preserve’s multifamily and retail components to Northwood Ravin. Construction is slated to begin this month, with the first townhome scheduled to deliver in the summer of 2017. The multifamily project will include luxury finishes and amenities such as a resort-style spa, a health club featuring workout options such as yoga and crossfit, resident co-working space, a pet run and spa and retail shops. Construction on the first phase of the multifamily development is expected to …

July 21, 2016

Florida Multifamily Southeast

ARA Newmark Brokers $42.8M Sale of Apartment Community in Central Florida

by John Nelson July 21, 2016

OCOEE, FLA. — ARA Newmark has brokered the $42.8 million sale of Oak Forest, a 408-unit, garden-style apartment community in Ocoee, a suburb of Orlando. Miami-based Advenir Real Estate Management purchased the asset from New York-based Palatine Capital Partners. Built in two phases from 1989 to 1991, the property features two swimming pools, a newly remodeled clubhouse, fitness center, basketball and tennis courts and a playground. Kevin Judd, Scott Ramey, Patrick Dufour, Marc deBaptiste and Dick Donnellan of ARA Newmark represented Palatine Capital Partners in the transaction.

July 21, 2016

Loans Multifamily North Carolina Southeast

NorthMarq Arranges $9.8M Acquisition Loan for Student Housing Community in North Carolina

by John Nelson July 21, 2016

PEMBROKE, N.C.— NorthMarq Capital has arranged $9.8 million in acquisition financing for Pembroke Place, a 336-bed student housing community located near the University of North Carolina at Pembroke campus in Pembroke. The transaction was structured with a 15-year term and 25-year amortization schedule. Lee Weaver and Steve Whitehead of NorthMarq arranged financing for the borrower, Pembroke Place CP LLC, through its Fannie Mae DUS program.

July 21, 2016

Florida Retail Southeast

NAI Miami Negotiates NightLife Brewing’s Lease at Shops of Marlins Park in Miami

by John Nelson July 21, 2016

MIAMI — NAI Miami has arranged a 10-year, 11,300-square-foot retail lease at Shops of Marlins Park in Miami for a new brewery. NightLife Brewing Co. will open its new microbrewery facing the main pavilion of Marlins Park in the Home Plate parking garage known as P1 at Marlin’s Park, located at 1588 N.W. 7th St. The Shops of Marlins Park spans 57,501 square feet of office and retail space situated in three of the four parking garages of Marlins Park, home of the Miami Marlins baseball team. With the NightLife Brewing lease, occupancy at the Shops of Marlins Park is at 61 percent. Jeremy Larkin and Joseph Gallaher of NAI Miami represented the landlord, the city of Miami, in the lease transaction, which was valued at $2.6 million. The lease marks the first brewery approved in a retail zoning for the city of Miami.

July 21, 2016

Florida Mixed-Use Southeast

Miami-Dade County Approves $464M Mixed-Use Project at Douglas Road Metrorail Site

by John Nelson July 20, 2016

MIAMI — The Miami-Dade Board of County Commissioners has officially approved Link at Douglas Station, a $464 million mixed-use, transit-oriented project at the Douglas Road Metrorail Station in south Miami. Link at Douglas Station will encompass approximately 970 residential units, including a workforce housing component; 70,000 square feet of retail space; a new hotel; and a public plaza. Miami-Dade executed a ground lease with Adler 13th Floor Douglas Station LP, a joint venture between 13th Floor Investments and Adler Group, setting the stage for the construction of the project, which will be constructed in four phases on a seven-acre site bordered by US 1, S.W. 27th Avenue, Peacock Avenue and S.W. 38th Avenue. Phase I will focus on the development of a residential tower, a 150-key hotel in partnership with Driftwood Hospitality Management LLC and a portion of the retail footprint, which includes a supermarket. Link at Douglas will maintain the Douglas Metrorail Station as its central element, providing access to Miami’s downtown financial, arts and entertainment districts. According to the joint venture, the project will be designed to increase public transit ridership.

July 20, 2016

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